I'm researching the property management industry for a search fund I'm interning at. From what I understand, in most states property managers need to have a real estate broker license to operate.

Does this restriction apply to the owners of the PM company or just those doing the actual (rent collecting, tenant showing, maintenance contracting) property management? For those of you who own property management firms, do you need to hold a license yourself or just partner/employ someone with a license?